STELLAR KELVIN COLD CHAIN LOGISTICS AND DISTRIBUTION RPIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX -5(2)(1), MUMBAI
| आयकर अपीलीय अिधकरण ायपीठ, मुंबई |
IN THE INCOME TAX APPELLATE TRIBUNAL
“G” BENCH, MUMBAI
BEFORE SHRI SAKTIJIT DEY, HON’BLE VICE PRESIDENT
&
SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER
I.T.A. No. 4495/Mum/2024
Assessment Year: 2018-19
Stellar Kelvin Cold Chain
Logistics and Distribution
Private Limited
5th Floor, E Wing
Block A, Trade Link
Senapati Bapat Marg
Kamla Mill Compound
Lower Parel
Mumbai - 400013
[PAN: AAFCM3392P]
Vs
National e-Assessment Centre,
Delhi/Deputy Commissioner of Income tax – 5(2)(1), Mumbai
अपीलाथ/ (Appellant)
यथ/ (Respondent)
Assessee by :
Shri Bhavesh Mehta, A/R
Revenue by :
Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R
सुनवाई की तारीख/Date of Hearing : 12/02/2025
घोषणा की तारीख /Date of Pronouncement: 19/02/2025
आदेश/O R D E R
PER NARENDRA KUMAR BILLAIYA, AM:
This appeal by the assessee is preferred against the order dated
04/07/2024 by NFAC, Delhi pertaining to AY 2018-19. 2. The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in confirming the addition of Rs. 6,01,10,000/- made u/s 68 of the Act as unexplained cash credit.
3. Representatives were heard at length. Case records carefully perused and the relevant documentary evidence brought on record, duly considered in the light of Rule 18(6) of the ITAT Rules, 1963. I.T.A. No. 4495/Mum/2024
2
During the course of scrutiny assessment proceedings, on perusal of 3CD report, the AO noticed that the assessee has taken loans from the following entities:-
The assessee was asked to substantiate the identity, creditworthiness and genuineness of the loans. Vide submissions dated 18/03/20211, the assessee explained that the aforementioned loans were accepted by the assessee in FY 2016-17 relevant to AY 2017-18 and not in the year consideration. Hence no addition is called for. This contention of the assessee was rubbished by the AO who made the addition of Rs.6,01,10,000/- u/s 68 of the Act. 6. The assessee agitated the matter before the ld. CIT(A) and reiterated this contention. The ld. CIT(A) again rubbished the contention of the assessee. 7. We have carefully perused the copies of the ledger account of all the loan creditors mentioned hereinabove. We find that all the loans were taken by the assessee in FY 2016-17 relevant to AY 2017-18. The copies of the ledger accounts are exhibited in the paper book which, in I.T.A. No. 4495/Mum/2024 3
our considered opinion, the lower authorities did not care to look into.
Since the impugned loans were not taken in the year under consideration, provisions of Section 68 of the Act are not applicable. The AO is directed to delete the same.
8. Levy of interest is consequential. The AO is directed to levy interest as per the relevant provisions of law.
9. In the result, appeal of the assessee is allowed.
Order pronounced in the Court on 19th February, 2025 at Mumbai. (SAKTIJIT DEY)
(NARENDRA KUMAR BILLAIYA)
VICE-PRESIDENT
ACCOUNTANT MEMBER
Mumbai, Dated 19/02/2025
*SC SrPs
*SC SrPs
*SC SrPs
*SC SrPs
आदेश की ितिलिप अेिषत /Copy of the Order forwarded to :
अपीलाथ / The Appellant 2. थ / The Respondent 3. संबंिधतआयकरआयु! / Concerned Pr. CIT 4. आयकरआयु! ) अपील ( / The CIT(A)- 5. िवभागीय ितिनिध ,आयकर अपीलीय अिधकरण, मुंबई /DR,ITAT, Mumbai, 6. गाड% फाई/ Guard file.
आदेशानुसार/ BY ORDER,